Capstone Turbine Reports Third-Quarter ResultsOctober 29, 2001 by Jeff Shepard
Capstone Turbine Corp. (Chatsworth, CA) reported revenue of $3.3 million for the third quarter ended September 30, 2001, compared with revenue of $6.2 million for the third quarter of 2000. The company shipped 80 units in the third quarter of 2001, compared with 211 in the third quarter of 2000. Eighteen of the units in the third quarter of 2001 were 60kW models and the remaining 62 were 30kW models.
For the third quarter of 2001, Capstone's net loss attributable to common stockholders increased to $12.5 million, or $0.16 per share. This compares with a net loss of $8.1 million, or $0.11 per share, in the third quarter of 2000.
"Clearly our performance in the third quarter was a disappointment, both to ourselves and to our shareholders," said Ake Almgren, president and CEO of Capstone Turbine. “Capstone is trying to introduce a distinctive new technology, and doing so in a very difficult business environment. We are intensely focused on understanding why this disappointment occurred and we are making changes to address these issues. We understand that we have a great deal of work ahead of us to earn back the trust and respect of shareholders, and please be assured that we are determined to do so."